Stock calls for 21 April 2022

Date	Analyst	Company	Last	Target	Call	Valuation
04/21/22	UOB Kay Hian	Keppel Pacific	0.74	1.07	Buy	DDM
04/21/22	Kim Eng	Keppel Reit	1.19	1.3	Buy	DDM
04/21/22	DMG & Partners	Keppel Reit	1.19	1.31	Buy	DDM
04/21/22	CIMB	Keppel Reit	1.19	1.29	Add
04/21/22	Lim & Tan	Keppel Reit	1.19	1.3	Neutral
04/21/22	Lim & Tan	Mapletree Commercial	1.87	0	Accept Offer
04/21/22	CIMB	Mapletree North Asia	1.23	1.13	Hold
04/21/22	Citi Research	Mapletree North Asia	1.23	1.2	Hold
04/21/22	UOB Kay Hian	Nanofilm	2.8	2.72	Hold	PER23x FY22

Oxley - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/13/21	DMG & Partners	Oxley	0.235	0.27	Buy
02/15/21	DMG & Partners	Oxley	0.23	0.27	Buy
02/15/21	Lim & Tan	Oxley	0.23	0	Buy
02/18/21	UOB Kay Hian	Oxley	0.235	0.37	Buy
04/27/21	UOB Kay Hian	Oxley	0.26	0.37	Buy	RNAV (30% discount)
08/31/21	UOB Kay Hian	Oxley	0.22	0.28	Buy	RNAV (40% discount)
12/17/21	Lim & Tan	Oxley	0.183	0.28	Buy

Overseas Education - Stock calls

Date	Analyst	Company	Last	Target	Call
04/07/21	Lim & Tan	Overseas Edu	0.315	0	Accumulate on weakness
08/19/21	Lim & Tan	Overseas Edu	0.26	0	Hold
02/03/22	Lim & Tan	Overseas Edu	0.255	0	Hold
04/12/22	Lim & Tan	Overseas Edu	0.255	0	Hold

OUE Commercial - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/29/21	Lim & Tan	OUE Commercial	0.385	0	Accumulate
02/03/21	CIMB	OUE Commercial	0.4	0.415	Hold	DDM
02/05/21	OCBC	OUE Commercial	0.385	0.4	Hold
08/02/21	DBS Vickers	OUE Commercial	0.435	0.5	Buy	DCF
08/03/21	CIMB	OUE Commercial	0.435	0.45	Hold
11/03/21	DBS Vickers	OUE Commercial	0.45	0.5	Buy	DCF
02/17/22	DBS Vickers	OUE Commercial	0.43	0.5	Buy	DCF
02/18/22	Lim & Tan	OUE Commercial	0.435	0	Hold

Stock calls for 20 April 2022

Date	Analyst	Company	Last	Target	Call	Valuation
04/20/22	DBS Vickers	Keppel DC Reit	2.22	2.8	Buy
04/20/22	CIMB	Keppel DC Reit	2.22	2.62	Add
04/20/22	DBS Vickers	Keppel Pacific	0.745	0.85	Buy
04/20/22	DMG & Partners	Keppel Pacific	0.745	0.92	Buy	DDM
04/20/22	Lim & Tan	Mapletree North Asia	1.23	0	Accept Offer
04/20/22	DBS Vickers	Nanofilm	2.76	4.12	Buy
04/20/22	CIMB	Nanofilm	2.76	3.5	Add
04/20/22	Citi Research	Nanofilm	2.76	3.92	Buy
04/20/22	Jefferies	Nanofilm	2.76	2.9	Hold

An analysis of US rates.

The 10-year breakeven inflation rate, 10-year Treasury yield, and 10-year TIPS yield: 

As we can see from the chart, the TIPS rate (-0.06%) is having an upward trajectory and will be moving into positive territory soon.  When the TIPs' rate is in a negative zone, it means the yield is negative after factoring in the inflation rate.  In other words, inflation has eroded your capital investment.  The reverse is true when the TIPS rate turns positive.

When the TIPS rate is positive, it will change many investors' mindsets.  This is because many investors won't invest in stocks that yield returns that are lesser than the existing elevated inflation (8.5%) as TIPS provides a better risk-free investment.  Thus, many investors will be selling low-yielding stocks when the TIPS rate turns positive.

Let's take a look at the yield differential rate between the 10-year and 2-year Treasuries.

We can observe from the chart that a US recession (grey region) will usually happen when the yield is inverted (below zero) between the 10-year and 2-year Treasuries.  The yield had inverted recently and we should expect a US recession in the near future.  Let's watch how this will pan out.

Bloomberg had acknowledged the success of zero covid policy in China.

Bloomberg had no choice but to acknowledge recently (April 2022) the success of the zero covid policy in China after analyzing the GDP growth and death tolls of numerous countries.

The chart above showed that China performed the best during the outbreak with its zero covid policy when it was compared to co-exist policy adopted by many countries.

Well done, China!

OTS - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/03/21	SAC Capital	OTS	0.3	0.4	Buy

Oceanus - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/20/21	UOB Kay Hian	Oceanus	0.041	0	Not Rated
03/01/21	Lim & Tan	Oceanus	0.071	0	Take Profit
03/15/21	Lim & Tan	Oceanus	0.036	0	Caution